Private Market Secondaries Are Headed for Another Record Year

What Happened Private market secondaries volumes are projected to exceed $225 billion in 2026, according to survey findings reported by Alternative Credit Investor. The survey points to slow distributions, muted M&A activity, and continued expansion in private credit and infrastructure as major catalysts for the next leg of growth. Importantly, pricing sentiment remains constructive. The report said 96% of respondents expect LP-led and GP-led pricing to remain stable or increase in 2026, with none forecasting a significant decline. What Is Driving the Market Persistent distribution pressure is pushing more sellers to seek liquidity. Non-buyout strategies such as credit and infrastructure are broadening the opportunity set. More institutional and retail capital is entering the secondaries ecosystem. What It Means for Buyers and Sellers A market that keeps growing while pricing stays firm is a notable signal. It suggests the secondaries market is maturing into a core liquidity channel rather than a discount-driven corner of private equity. Stable pricing alongside higher volumes is usually a sign of deeper market infrastructure, not just temporary demand. Why This Matters for Private Markets If volumes keep climbing without meaningful price deterioration, secondaries will become even more central to private-market portfolio management. That supports more frequent portfolio rebalancing, more confidence in NAV realization, and better liquidity planning across both LP-led and GP-led transactions.